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July 22, 2016

Amazon with Wells Fargo on Private Student Loans?  It’s a Jungle Out There

I love me some Amazon Prime. But what's this? Amazon announces a partnership with Wells Fargo to promote private student loans?! Don't do it!   Private loans come with significant risks. Private loan contracts are carefully drafted to benefit banks and investors; they are not designed to provide flexibility for students and families. If you need to borrow private loans, shop around for the best combination of terms (cosignor required? deferrments permitted? flexible repayment options? default triggers?…

By Heather  |  Category:  Private student loans  

June 4, 2016

Direct Loan interest rates to be half percent lower for 2016-17

Not exactly thrill worthy but better a tiny bit lower than any higher, am I right? Federal Direct Student Loans 2016-2017 Interest Rates (For Loans First Disbursed on or After July 1, 2016 and Prior to July 1, 2017) Loan Type Borrower Type Index/10-Year Treasury Note Add-On Fixed Intrest Rate Direct Subsidized Loans Undergraduate Students 1.710% 2.05% 3.76% Direct Unsubsidized Loans Undergraduate Students 1.710% 2.05% 3.76% Direct Unsubsidized Loans Graduate/Professional Students 1.710% 3.60% 5.31% Direct PLUS Loans Parents of Dependent Undergraduate…

March 29, 2016

Latest CFPB Effort to Improve Things for Student Loan Borrowers: “Payback Playbook”

Student loan borrowers struggle mightily to get information tailored to our specific circumstances.  Ever get a form letter from your student loan servicer that left you scratching your head? Advocates at the Consumer Financial Protection Bureau (CFPB) are working to improve the way loan servicers communicate with us about our loans with the goal of giving consumers real-time, up-to-date information about our repayment options.   The CFPB has released new Payback Playbook prototypes (say that six times fast) and they want our feedback.…

By Heather  |  Category:  Student Loan Policy, IBR, Student Loan Repayment  

March 29, 2016

Enrollment in Income-Driven Repayment is Up

Nerds like me will want to check out recently released updates to the Department of Education’s Federal Student Aid Data Center for reports including outstanding balances and recipients by loan program, loan type, loan status, repayment plan, and delinquency status. Unemployment and economic hardship deferments are down 31.5 percent from the previous year, as enrollment in income-driven repayment plans has increased. ​As of December 31, 2015, approximately 4.8 million borrowers are enrolled in Income-Driven Repayment plans.

By Heather  |  Category:  REPAYE, Pay As You Earn, IBR, Student Loan Repayment  

January 14, 2016

Comparing Income-Driven Repayment Plans

There are now five different income-driven repayment plans: Income-Contingent Repayment (ICR), Income-Based Repayment (IBR), Pay As You Earn (PAYE), Income-Based Repayment for New Borrowers (New IBR), and now Revised Pay As You Earn (REPAYE).  Calculating Monthly Payments Income-driven plans calculate payments as a percentage of “discretionary income”.  Discretionary income is defined as the difference between a borrower’s Adjusted Gross Income (AGI) and 150 percent of the poverty guideline for the borrower’s family…

By Heather  |  Category:  REPAYE, Pay As You Earn, IBR, Student Loan Repayment  
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